Argenx, based in the Netherlands, is licensing Halozyme's technology, which allows intravenous drugs to be injected under the skin. Halozyme has signed numerous deals for the technology, which can reduce the cost and time of administering drugs.

Halozyme will get an upfront payment of $30 million, along with $10 million per drug candidate, and potential milestone payments of up to $160 million per drug. Halozyme will also receive mid-single digit royalties on sales of drugs that reach the market.

Halozyme’s technology, called Enhanze, temporarily creates channels just beneath the skin. This enables absorption of drugs such as antibody-based medicines that normally must be given by IV. So instead of waiting an hour or more tethered to an IV pole, patients can get their dose in minutes and be on their way.

Argenx gets exclusive access to Enhanze for up to three drugs. One of them is an antibody drug called efgartigimod for certain autoimmune diseases, with two others yet to be specified.

Argenx creates antibody drugs modeled after llama antibodies, which have properties not found in human antibodies.

Halozyme has signed several major licensing deals for Enhanze in recent years. These typically involve an upfront payment, rights to Enhanze for a specified number of drug targets, along with development milestones and royalties. Argenx represents Halozyme's ninth global collaboration and license partner for Enhanze, Halozyme said.

In September 2017, Halozyme announced two deals, bringing it $135 million cash upfront and potential milestone payments of up to $1.92 billion. One deal was an expanded partnership with Roche; the other was a new partnership with Bristol-Myers Squibb.

In October 2018, Halozyme and Roche announced another expanded deal. This one gave Halozyme an upfront fee of $25 million with the potential to earn additional payments of up to $160 million — $165 million per two additional drug targets.

Many of the partnerships involve retroactively adapting IV drugs already on the market to be injected. But Halozyme is looking toward getting involved earlier in the process.

Helen Torley, CEO of Halozyme, said in a statement that the new collaboration “is an example of the value Enhanze can potentially bring while a product is still in development, where the benefits of subcutaneous administration can be realized earlier by both patients and healthcare providers."

Shares of Halozyme closed Monday after the announcement at $16.62, up 50 cents for the day.

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